Credit : Pagesix.com
Credit : Pagesix.com
Lula da Silva defeated incumbent president Jair Bolsonaro in a close election this Sunday.
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What does the leftist politician’s win mean for crypto regulations in the South American country?
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Earlier in his campaign Lula declared that the Central Bank of Brazil should be responsible for building a cryptocurrency law framework.
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Lula da Silva had said that the crypto regulations should help avoid illegal practices like money laundering, currency evasion and fraudulent trading.
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Brazil’s newly elected president is in favor of breaking Brazil’s dependence on international dollar markets.
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Brazil is currently in the pilot phases of its own central bank digital currency, the digital real.
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There is already a crypto bill in the workin in Brazil, but now Lula has the power to veto the bill and ask to form a new one.